Total monthly cost of ownership
Cost to Own a Home in Charleston, Illinois
A $134,000 home here costs
$1,345per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $57,500 a year.
A standard mortgage calculator would have told you $731. The real number is $615 higher every month, 84% more than the payment most buyers budget for.
Compare Coles County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Charleston against Coles County and Illinois
| Measure | Charleston | Coles County |
|---|---|---|
| Median home value | $133,700 | $121,900 |
| Median property tax | $2,978 | $2,494 |
| Effective tax rate | 2.227% | 2.046% |
| Median gross rent | $819 | $793 |
| Population | 17,212 | 46,689 |
The weather behind that power bill
Charleston sits in Coles County, which averages a high of 85.6°F in its hottest month and a low of 20.3°F in its coldest, with 36" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 1,116 cooling and 5,297 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Coles County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Coles County
Talk to someone who works this market
These are Charleston averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Charleston every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Charleston I already own here and may sell
Common questions
How much does it cost to own a home in Charleston?
A $134,000 home in Charleston, Illinois costs approximately $1,345 per month with 20% down at 7.24%. That is $731 principal and interest, $249 property tax, $52 homeowners insurance, $202 utilities and $112 set aside for maintenance.
What is the property tax rate in Charleston?
Charleston has an effective property tax rate of 2.227%, based on a median home value of $133,700 and median real estate taxes of $2,978. That is higher than the Coles County average of 2.046%.
What is the average home price in Charleston?
The median owner-occupied home value in Charleston, Illinois is $133,700, against $121,900 across Coles County.
Is it cheaper to rent or buy in Charleston?
Median gross rent in Charleston is $819 a month, against $1,345 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Charleston?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Charleston, Illinois at today's rate takes a household income of roughly $57,500 a year. That covers the full $1,345 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Charleston, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Illinois.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.